hopskipjump Posted April 30, 2016 Share Posted April 30, 2016 I'm not sure who to ask - an accountant? The financial aid department at dds school? DD is fortunate to have received combined athletic + academic scholarships. Both of these, added together, come to approximately $x,000 over her expected Cost of Attendance (this year, anyway...). So - after all her tuition, fees, meal plans, books, and room are paid for, theoretically there should be around $x,000 left in her account. If I understand correctly, ANY scholarship $ that goes beyond TUITION ALONE is taxable. Is this correct? (or is this one of those things that changes depending on your tax bracket/income?) So, any scholarship $ beyond TUITION is taxable as INCOME for HER - including that additional $x,000 EVEN IF SHE DOES NOT USE IT? (Sorry for the caps, just trying to maximize that part of the question. I'm only shouting at the confusion little bit. :lol: promise.) (I've always done our taxes, but I think this next year I will take all our paperwork to an accountant and let them have at it for us and for dd. This is all making my brain hurt!) And, I will need to ask the school what happens to any potential overage, right? We shouldn't assume it will just sit in her account and accumulate to put toward the next year? 1 Quote Link to comment Share on other sites More sharing options...
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